China is not only formidable, it is also aggressively building its own economic infrastructure. Just a few years from now, China will rival the U.S. and the European Union in global market power. It already has surpassed us in population.
All those trucks and barges that carry our goods to port are vital connections to the only force which can balance our trade deficit: export. We must keep doing what we do best if we are going to get America out of the red.
As the U.S. trade deficit, and the portion of that deficit attributed to China, continue to grow, our own economy is at risk of losing its reputation as a leader in world trade.
America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
With a strong domestic economy, low national unemployment at 5 percent, and increasing retail sales, the picture should look rosy. But one look at the trade deficit changes all of that.
